Record North Sea bids "a vote of confidence"News // June 24, 2005
The round, which included the innovative Frontier and Promote licences alongside the traditional licence, offered the widest range of opportunities in many years for companies wanting to explore for new hydrocarbons on the UK continental shelf. The openshop approach has paid off, said Webb.
"We estimate that the UK has up to 28 billion barrels in oil and gas reserves still to recover. But we need to move quickly to extract this prize before offshore pipelines and installations are decommissioned and the opportunity to use existing infrastructure to produce this resource is lost," said Webb. "It is vitally important for our industry's long-term future that the UK maintains the level of interest demonstrated today and provides the business environment which will encourage further investmentin new oil and gas development and production."